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Wednesday, April 2, 2014

April Update

Does the total number go down by $5k a month? Nope. Does it go down? Yep. This month it was $1472.51. We are working our plan. Plans take time. But we are on track for our payoff goals, and I will just beat a dead horse on this one: 2016 is the year of the big changes. 20 more months and then the numbers will start to plummet. Until then, they are going to just chug along.

Retirement Loan - Look at that sexy, under 20k number! 19k is the official half-way paid off number, so that will be 2 more paychecks. Two more years until this bad boy is done.

Student Loan - Another "thousand" ticked off the total. Not that 23k is super exciting...but it isn't 24!

CC - Not much to report here....since this balance isn't the "focus" at
the moment, we pay the bill....they add interest.....we pay the
bill....they add interest. Just to recap....the interest rate on this
is 9.24% and G-man's car is 9.99%, and we are focusing on the car at the
moment.

Mysti's car - One more payment and we tick off a "thousand" here!

G-man's car - I am looking forward to making the bulk payment here this month. Even though it isn't as much as we had hoped (due to G-man's $1700 repair bill), it still will shave off several months of payments.

Med/Dental - This number is sort of a place holder. We still haven't been billed for Nov-Jan for Bossy's supplies (per my phone call last week, insurance processed it wrong....). We have a credit with them at the moment, but we have to see what the final number will be. This is what is left of the Dental bill.....which I had hoped to pay off in March, but the "extra" money went toward all the illness related expenses.

13 comments:

I figure as long as my debt is decreasing and not increasing then I am on the right track.

Is your school debt actually from 1997?? That seems like an insanely long time to be paying off a loan. Although, my BIL had over $150k in school debt from graduating in 2008 so no doubt he will be near retirement when he is free of that.

No, the current student loans are from my graduate school. I graduated in 2002, and they were in deferment for a period of time. When the blog started I was still paying on my undergrad loans (I graduated in 1996), which have been paid off.

I should add that the current schedule has the loans paid off in 2024, if I continue to make the $229/mon payment. But once other things are paid off, the snowball will eventually roll in this direction, although it is the last thing on the chopping block.

Considering I have spent 18 years paying them....I can fully attest that they ARE a bear, and that anyone who has them should start paying as much as they can as soon as they can.

I have mentioned this before, but my undergraduate loans had insane interest rates, and there was nothing I could do about it because of the terms of the original agreement (I couldn't consolidate, merge, nothing). I wish I was better educated on student loans when I was in a better position to DO more.

Down is good, no matter the amount! I'm on a "2 year plan" also. I recently blogged that as long as I acquire no more major debt over the next couple of years, I should have a large chunk of debt paid off by Sept 2016, leaving only student loans & 2 years on my car. I'm also hoping to have saved the next two years tax return/bonuses to fund my DREAM vacation to England. *fingers crossed* we both stay on track! :) I wish Wordpress had side bars like yours showing how much debt has been paid/left.

Down is great, no matter how much! December 2016 will come faster than we all think (though it seems like forever away right now!) How are things going on the job front? My job-switch has been our saving grace with higher wages to put off the debt.